Good technical signals and a possible breakout for HESS MIDSTREAM LP - CLASS A.

HESS MIDSTREAM LP - CLASS A (NYSE:HESM) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:HESM.

Technical analysis of NYSE:HESM

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall HESM gets a technical rating of 10 out of 10. Both in the recent history as in the last year, HESM has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that HESM is one of the better performing stocks in the market, outperforming 81% of all stocks. We also observe that the gains produced by HESM over the past year are nicely spread over this period.
• HESM is part of the Oil, Gas & Consumable Fuels industry. There are 210 other stocks in this industry. HESM outperforms 81% of them.
• HESM is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so HESM is lagging the market slightly.
• In the last month HESM has a been trading in the 38.60 - 42.15 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of HESM

How does the Setup look for NYSE:HESM

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:HESM is 9:

Besides having an excellent technical rating, HESM also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 40.72. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 39.45, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for HESM in the last couple of days, which is a good sign.

How can NYSE:HESM be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.